“We expect revenue for the cloud platform to overtake those of the on-premise version in early 2023,” CEO Nancy McKinstry said during this week’s webcast for first-half earnings. The desktop offering is the ProSystem fx suite.
Revenue for Wolters Kluwer Tax & Accounting rose by 9 percent organically for the first half ended June 30. The company this week that the unit’s sales were about $858 million, up 15 percent over last year’s correspond period, before currency. North America Professional Tax & Accounting, which comprises 53 percent of the division’s revenue, recorded organic growth of 10-percent, higher than expected.
Factors included a surge in demand for professional services early print book orders, and subscription growth for renewals and new sales for the CCH Axcess Suite. The company reported a “strong uptake” of the suite’s Document, Practice, and Workstream modules, along with a similarly strong performance by Engagement.
The company also cited was termed “higher than expected transactional fee revenue during the U.S. tax filing season.”
Company revenue reached about $2.62 billion for the most recently ended period, rose 14 percent up 7 percent in constant currencies and by the same percentage organically. Net profit was approximately $536.6 million, an increase of 21 percent, 10 percent in constant currency.